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Sonic Reports Third Fiscal Quarter 2013 Financial Results

For the first nine months of fiscal 2013, net income totaled $24.5 million or $0.43 per diluted share compared with net income of $21.6 million or $0.36 per diluted share for the same period in 2012 representing a 19% increase fiscal year-to-date.

The following non-GAAP adjustments are intended to supplement the presentation of the company's financial results in accordance with GAAP. The company believes that the presentation of these items provides useful information to investors and management regarding the underlying business trends and the performance of the company's ongoing operations and is helpful for period-to-period and company-to-company comparisons, which management believes will assist investors in analyzing the financial results of the company and predicting future performance.

Nine months ended

Nine months ended

May 31, 2013

May 31, 2012

Net

Diluted

Net

Diluted

Net Income

Diluted EPS

Income

EPS

Income

EPS

$ Change

% Change

$ Change

% Change

Reported – GAAP

$

24,503

$

0.43

$

21,583

$

0.36

$

2,920

14

%

$

0.07

19

%

After-tax loss from early extinguishment of debt

315

0.01

-

-

Retroactive tax benefit of WOTC and resolution of tax matters

(743

)

(0.02

)

-

-

Adjusted - Non-GAAP

$

24,075

$

0.42

$

21,583

$

0.36

$

2,492

12

%

$

0.06

17

%

Company drive-in sales for the first nine months of fiscal 2013 decreased by $8.4 million compared to the same period in the prior year primarily as a result of the refranchising of 34 company drive-ins during the second fiscal quarter of 2012.